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AFS: 2023 global production has been reduced by 220,000 vehicles due to a chip shortage

According to the latest data from the automotive industry data forecasting company AutoForecast Solutions, as of January 15, due to the chip shortage, the global automotive market this year has been a cumulative reduction of the production of about 219,100 vehicles, of which the rest of Asia’s production reduction of 170,100 vehicles, accounting for about 78% of the global production reduction.

Source Pexels

According to AFS, the global automotive industry cut production of 4.5 million new vehicles in 2022 due to chip shortages. Looking ahead to 2023, the chip shortage will continue to affect car production, with production cuts expected to reach 3 million vehicles. The automotive chip market is growing faster than other sectors, including smartphones and data centers. Modern cars need more chips, and these chips are more expensive than ever. Due to strong demand, automotive chips are expected to be one of the few segments of the chip industry with severe shortages throughout this year.

But there is also news on the positive side, the chip manufacturing giant TSMC recently said the trend of tight supply is expected to ease. TSMC CEO Wei told analysts on a conference call: “Automotive demand continues to grow and we may still not be able to supply 100% of the wafers they need at this time, but the situation is improving. We expect the shortage to ease soon and expect automotive shipments to grow again this year.”

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